detecting the start of a new bar or candle
Info
The detecting the start of a new bar or candle is a Expert Advisor for MetaTrader 5 that for an expert advisor (ea), when a new quote ("tick") is received by metatrader, the standard event handling function is called by the terminal. however, there is no standard event handling function for when a new bar (candle) starts.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use detecting the start of a new bar or candle
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
for an expert advisor (ea), when a new quote ("tick") is received by metatrader, the standard event handling function is called by the terminal.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: startermod - another powerful expert for MetaTrader 5 traders.
for an expert advisor (ea), when a new quote ("tick") is received by metatrader, the standard event handling function is called by the terminal. however, there is no standard event handling function for when a new bar (candle) starts.
Also recommended: starter - similar expert with strong performance on MetaTrader 5.
to detect this, you need to monitor the opening time of the most recent bar. when it changes, it signifies the start of a new bar, and you can react to the situation and handle the event. the following code example, compatible with both mql4 and mql5, demonstrates one of the methods of how this can be achieved:in the previous code, the keeps track of the bar's opening time, even when returning from the ontick() function. unlike a normal local variable, it memorises its data content and does not release it when leaving the function. this is the key to detecting a change in the current bar's opening time.
it is also important to note that when the ea is placed on a chart for the first time, the previous code reacts as if the bar had just opened. this condition requires special treatment if the situation needs to be handled differently.
please note that the source code for all my codebase publications is now also available via metaeditor 's "public projects" under the name "fmic".
You may also like: starter - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.001"
#property strict
void OnTick()
{
static datetime dtBarraCorrente = WRONG_VALUE;
datetime dtBarraPrecedente = dtBarraCorrente;
dtBarraCorrente = iTime( _Symbol, _Period, 0 );
bool bEventoBarraNova = ( dtBarraCorrente != dtBarraPrecedente );.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.